Generics expected to hit double-digit growth
LONDON — The world market for generic drugs will jump more than 15% this year and reach a global total of $127.8 billion, predicted a report from British market research firm Visiongain. "Generic Drugs: World Market 2013-2023" estimated branded drug manufacturers will see a $50 billion decline in total revenues this year as patents expire and generic competitors slice up the sales pie for more of the world's biggest-selling medicines. "A number of factors have contributed to the growth of the world generics market," Visiongain senior pharmaceutical industry analyst Syed Ahmed said. "Prominent blockbuster drugs will lose patent protection in the next few years, with many having done so already."
Sales of generics in the United States represent more than 40% of worldwide sales and account for about 70% of prescriptions dispensed within the country, while U.S. generics sales have more than tripled since 2000, according to the report.
Watson changes name to Actavis
PARSIPPANY, N.J. — Watson Pharmaceuticals has formally changed its name to Actavis and changed its New York Stock Exchange ticker symbol to ACT, the company said. The generic drug maker, now the world's third largest, announced its plan to change the name last year after it acquired Actavis. The combined company expects combined 2012 sales to exceed $8 billion.
Dr. Reddy's launches allergy drug
HYDERABAD, India — Dr. Reddy's Labs has launched a drug used for treating allergies, the generic drug maker said. The Indian drug maker announced the launch of desloratadine orally disintegrating tablets in the 2.5-mg and 5-mg strengths. The drug is a generic version of Merck's Clarinex Reditabs and is available in unit-dose packages of 30. The branded version of the drug had sales of about $5.3 million during the 12-month period that ended in November 2012, according to IMS Health.
FDA approves Lupin generic contraceptive
BALTIMORE — Lupin Pharmaceuticals announced the Food and Drug Administration approval of levonorgestrel and ethinyl estradiol tablets in the 0.1-mg/0.02-mg strength, a generic version of Watson Labs' contraceptive Lutera. Lutera had sales of about $103.6 million during the 12-month period that ended in September 2012, according to IMS Health.